–Vice President Reconvenes Budget Talks, Seeks Deal By End of June
–Biden Says Talks Are ‘Down To The Really Hard Stuff’

By John Shaw

WASHINGTON (MNI) – Vice President Joe Biden reconvened his budget
negotiating group Wednesday morning, with the session scheduled to focus
on consideration of budget triggers to control deficits and spending.

Biden’s group is expected to meet until about 11:00 a.m. and will
meet again Thursday.

He left budget talks Tuesday night with a determined message:
“We’re down to the really hard stuff,” he said.

The vice president added that he is “convinced” the White House and
Congress will able to reach an agreement on a deficit reduction plan
that leads to $4 trillion in savings over 10 to 12 years.

Biden said there is already an agreement in the talks on “well
beyond” $1 trillion in savings.

The group is trying to wrap up a budget agreement by the end of
June in the hope of presenting a package to President Obama and Hill
leaders before the 4th of July congressional recess, Biden said.

The talks are seeking a deficit reduction package that can be
developed to coincide with this summer’s vote on debt ceiling
legislation.

The U.S. has already reached its $14.29 trillion debt ceiling.
Treasury Secretary Tim Geithner has said Congress must pass legislation
increasing the debt ceiling by August 2, or risk default.

Biden is negotiating with House Majority Leader Eric Cantor, Senate
Minority Whip Jon Kyl, Senate Appropriations Committee Chairman Dan
Inouye, Senate Finance Committee Chairman Max Baucus, Assistant House
Minority Leader Jim Clyburn and Rep. Chris Van Hollen, the top Democrat
on the House Budget Committee.

The administration is represented by Biden, Geithner, White House
budget director Jack Lew and the director of the National Economic
Council Gene Sperling.

Senate Majority Leader Harry Reid continued his nearly daily
assault on the congressional Republican fiscal plans, saying they would
“end Medicare as we know it.”

** Market News International Washington Bureau: (202) 371-2121 **

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